Anda Realty has purchased a downtown Pasadena office building for $15 million, or $273 a square foot, in an area it knows very well: the corner across the street from its headquarters.
“We love Pasadena,” said Andy Carpiac, a partner at Anda. “When we invest in a market we know well, we tend to do better.”
Anda arranged the acquisition of the 105-year-old building on behalf of its exclusive partner, a Geneva-based family office that Carpiac declined to name. Anda also owns several New York properties and the Palm Springs Hard Rock Hotel, but is now aiming to get a toehold in suburban L.A. office areas that feel dense and lively, Carpiac said.
The building, at Colorado Boulevard and Marengo Avenue, is nearly 90 percent occupied, with monthly rates for recently renovated spaces ranging from $3 to $3.30 a square foot. Pasadena’s monthly average is $3.16 a square foot, according to fourth-quarter data from Jones Lang LaSalle.
Carpiac said the seller, Barker Pacific Group of downtown Los Angeles, renovated many of the suites in the 54,961-square-foot property, which it purchased in 2004 for $8.6 million. A representative at Barker did not immediately respond to a request for comment.
The building has suites ranging from 350 to 700 square feet, which Carpiac said created an opportunity for startups that lease desks in nearby co-working facilities as they prepare to expand.
“We’re one of the only games in town where you can rent 400 square feet,” he said.
JLL’s Tom Bohlinger and Jon Lange represented both Anda and Barker.
Editor's note: This story has been updated to correct the year that Barker Pacific Group purchased the property.
Real estate reporter Daina Beth Solomon can be reached at email@example.com. Follow her on Twitter @dainabethcita for the latest in L.A. real estate news.